- Terra ecosystem is in halt from delegation at block height 7607789.
- The current price is $0.06853 which is 94% lower than ATH.
Terra’s stablecoin UST attained it’s All Time Low (ATL) on May 13, the price was $0.04495199, as per CoinGecko. The stablecoin remains de-pegged from May 9th and has pulled down the Luna market along with it. Though the reason behind the downfall remains mysterious, various theories prevail in the cryptomarket.
The algorithmic coin, UST was promised to peg 1 USD value and was backed by his sister coin LUNA. Even the $3.5 million reserve pool of Bitcoin (BTC) was unable to safeguard it. The dramatic downfall resulted in panic selling which furthermore declined the coin’s market.
Terra halted the delegation on May 12th, regained it in a few hours and within 24 hrs it was again halted at block height 7607789. No additional blocks have been added since then. This has also made the Luna environment extremely volatile.
Luna Foundation Guard (LFG), has explored different possibilities to recover its coins from sinking. And now is in a stand to launch Terra 2.0, a new blockchain without the stablecoin, the proposal is currently in the voting phase and the final decision will be revealed on May 25th.
Terra Current Status
The price of USD is $0.06853 which is a 17.94% increase from yesterday, the market cap is $772 million. The trading volume in the last 24 hrs is $66 million and the circulating supply is 11.28 billion UST. The present market rank of USD is 65.
According to CoinGecko, the present price is 94% lower than its ATH on Jan 11, 2021, and 54% higher than its ATL on May 13, 2022. The market dominance of the coin is 0.05% and the market cap rank it holds is 85.